By Frank Martin (MoneyAmped.com)
BTC hit $107,108 on Sunday night, prompting many to believe the coin was on the verge of reaching a new all-time high. Besides BTC’s bullish move, numerous crypto-related stories have made headlines. Here are some of them:
Arthur Hayes Predicts a BTC Rally to $1 Million
According to BitMEX ex-CEO Arthur Hayes, the probability of Bitcoin rallying to $1 million by 2028 has increased significantly in recent months. He argues that devaluation of US Treasurys and shifting capital controls across the globe could make BTC a go-to safe haven asset for investors worldwide. As such, increased demand for this digital currency could trigger a massive rally.
SEC Hacker Jailed for 14 Months
Eric Council Jr., the hacker who gained unauthorized access to the X account of the US Securities and Exchange Commission (SEC) and posted a fake announcement regarding Bitcoin ETF approval in January, has been sentenced to prison.
A US court found Eric guilty of committing access device fraud and aggravated identity theft. He will stay in prison for 14 months.
Former UFC Champion Vows to Create a Bitcoin Reserve
Ex-UFC fighter Conor McGregor, currently running for the presidency in Ireland, has promised to build a national Bitcoin reserve if elected. He wrote on his X account last week that a Bitcoin reserve will give Irish people more power. Following responses from several industry gurus, McGregor promised to host an X Space soon to discuss his crypto plans.
Coinbase Stock Drops 6% Following Customer Breach
After onchain sleuth ZachXBT revealed that cybercriminals gained access to the Coinbase exchange, stealing customer data and funds, the firm’s stock COIN saw its price drop 6% early last week. To make matters worse, the New York Times reported that the SEC was still probing whether Coinbase gave wrong information regarding its user base.
Interest in Stablecoins Among More Institutions Has Surged, Reports Fireblocks
A recent report from crypto company Fireblocks indicated that more institutions are looking to integrate stablecoins into their systems. The report included findings from a study involving 295 top officials of fintech companies and traditional banks. Notably, 49% of the respondents were already using stablecoins to facilitate payments. Meanwhile, 42% are doing pilot tests, and only 9% of the respondents have yet to decide on adopting stablecoins.
Altcoin Season is About to Start, claims Popular Analyst
Since the start of quarter two, the total market cap of altcoins has surged by $126 billion, triggering enthusiasm that the long-awaited altcoin season is near. Well-known crypto analyst on X, Javon Marks, claimed in a tweet that the upcoming altseason will be ‘more powerful than that witnessed in 2017.
He compared the TOTAL3 index, which shows altcoins’ total market cap, against the money supply in the US and concluded that altcoins’ value was almost equal to the total liquidity in the American economy, signaling growing investor interest in coins other than Bitcoin.
Man Involved in a $265 Million Crypto Scam Arrested in New Zealand
One of the key suspects who carried out a global crypto scam operation in 2024, stealing over $265 million from victims, was arrested in New Zealand last week. The arrested Wellington-based man is said to have organized a criminal group of 13 individuals to steal from seven victims between February and August last year.
It is worth mentioning that New Zealand Police and the FBI have partnered to find the remaining suspects, believed to be hiding in California, Auckland, and Wellington.
Winners and Losers
While Bitcoin rallied above $107,000 on Sunday, it is down 1.4% in the past seven days after plummeting to $102,543 at press time. Similarly, Ethereum has shed 4.7% of its value and now trades at $2,398.
Celestia, Toncoin, Shiba Inu, and Pi Network have seen the biggest losses among the top 50 crypto assets by market cap, plunging at least 18%. Notable gainers this week include Bitget Token (4%), Monero, and Hyperliquid, which have surged 3% and 2.4%, respectively.
